AO cannot treat advance from customers as Deferred Sale without concrete basis

Raj Auto Wheels (P) Ltd Vs ACIT (ITAT Jaipur) Introduction: In the realm of income tax disputes, the case of Raj Auto Wheels (P) Ltd versus ACIT before the Income Tax Appellate Tribunal (ITAT) in Jaipur serves as an illustrative example of the intricate challenges that often arise. The case, primarily centered around the estimation of sales, deferred sale, and the validity of additions made by the assessing officer, saw divergent contentions from the tax authorities and the assessee. The subsequent rulings by the Tribunal provide significant insights into the nuanced aspects of tax assessment...